The British Retail Consortium (BRC) has today reported a fall in credit card usage as consumers look to cash and debit cards for their purchases. According to a survey by the BRC, which represents 90% of the UK’s stores, shoppers are opting to use their debit cards and cash to avoid borrowing. However, the number [...]
The UK Payments Council, the body which oversees the strategy on payments systems, has said debit card usage has surged in the last year. For the first time ever, consumers are opting to use their debit cards more than coins and notes, figures revealed today. According to the Payments Council, spending on debit cards totalled [...]
Accountancy and business advice firm BDO has warned that economic growth could grind to a halt at the start of 2011 and shrink in the second quarter. BDO is therefore calling on the Bank of England to inject more money into the economy, via its quantitative easing (QE) scheme. QE, also known as printing money, [...]
The UK Payments Council, the body which oversees the strategy on payments systems, has said cheque usage continues to decline as consumers opt to use debit cards. In the April to June period, an average of 290,000 fewer cheques were written each day, a fall of 10% compared with the same period last year. The [...]
The results of the European banking stress tests are to be published today. The stress tests were conducted to ease increasing anxiety over Europe’s finance sector. A total of 91 banks from across Europe have been tested and regulators have assessed whether banks are strong enough to cope with any future economic crises, or to [...]
Builders’ merchant Travis Perkins is to buy BSS Group in a deal worth £557.6 million. According to Travis Perkins, which also runs the Wickes home improvements chain, the deal will create the UK’s leading plumbing and heating distribution business. The deal, which should be finalised in the fourth quarter, is made up of cash and [...]
The UK Payments Council has revealed that by 2015, cash payments will be used for fewer than half of all transactions. A 23-page report titled ‘The Way We Pay 2010’ by the Council found that card payments and cheque usage is rapidly declining, claiming “cash is king no more”. The report found that more than [...]
From 7 June, Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine. The Nationwide said the change is essential and the move is aimed at speeding up transactions and freeing up staff time to deal with other transactions. The [...]
Consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home. Appearing before the Treasury Select Committee, Jane Vass, of Age Concern and Help the Aged, warned that there could be a security issue if cheques were to be scrapped. “This would encourage [...]
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent. Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon. As a result, the [...]
Bank of Ireland has today reported a pre-tax loss of €979 million for the six months to the end of September, compared to a profit of €647 million in the same period a year ago. The bank described the last six months as “difficult” and said it was very cautious about future economic prospects, adding [...]
In a speech to the City today, Shadow Chancellor George Osborne is expected to announce that retail banks should be stopped from paying cash bonuses of more than £2,000. Many experts have been arguing that big bonuses prompted excessive risk-taking at banks which contributed to the financial crisis. In his speech, Mr Osborne is expected [...]
The latest Equity Release Market Monitor from Key Retirement Solutions (KRS) has revealed a rise in equity release take-up in the July to September period. Equity release sales were up 19% during the period compared to the April to June period, said KRS. Equity release allows homeowners to release cash from the value of their [...]
Minutes of the Bank of England’s August meeting have been released and revealed that the Bank of England’s Governor, Mervyn King, wanted to inject more cash into the economy but was outvoted by fellow policymakers. Quantitative easing (QE) also known as printing money, is a process whereby the Treasury injects funds into the financial system [...]
Homeowners with a mortgage have seen their spending power rise by more than one tenth in the past year, Halifax revealed this week. Mortgage holders now have more money left over after buying the essentials than they have done for years. Since March 2008, the average household with a mortgage has seen their discretionary income [...]
Imagine a world without fun fairs, morning newspapers, local markets, community fundraising events, or greasy spoon cafés. These are the things Brits would miss most if the UK became a cashless society, according to a new study published this week. It’s not just buying candyfloss and riding the dodgems in the local park that Brits [...]
Brits would rather invest money in property or stocks and shares than keep it as cash, despite 12 months of falling house prices and a volatile stock market. Research by the Motley Fool found that 30% of UK adults would invest a £50,000 windfall in property. A quarter (26%) would choose shares, whilst 17% would [...]
According to the latest data published by the British Retail Consortium (BRC) cash is being used by UK consumers in 56 percent of all transactions and it seen as the most popular form of payment as well as being the most cost effective for retailers. Despite the continued impression that banks have created, the BRC’s [...]
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%. According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 [...]
Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised. In return for the cash injection, the bank must adhere to strict restrictions on senior management pay. Bank of America has been one of the strongest in [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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